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Climate Risk Adaptation and Insurance in the Caribbean (CRAIC)

As of: April 2020

Objective and activities

The project aims to scale-up the implementation of climate risk insurances in those countries, where the Livelihood Protection Policy (LPP) is already available and by introducing the LPP to additional countries. In addition to that, the measureable links to disaster risk reduction policies and practices of participating countries shall be increased. The project also aims to increase the awareness of livelihood protection, climate change adaptation, and insurance in participating countries and to contribute knowledge to regional and international policy processes (e.g. UNFCCC). As a result, the number of potential clients and their access to climate risk insurance shall be increased as will be the number of companies offering climate risk insurance products to vulnerable populations.
Predecessor project(s)
Regional institutions, adaptation, and insurance: expanding coverage for medium-level weather extremes in vulnerable countries using risk reduction and innovative insurance solutions

State of implementation/results

  • Publication of testimonials in Jamaican local press on the CRAIC project: GKI Offers Insurance Product For Local Farmers
  • CRAIC participated in the Understanding Risk Conference Caribbean in Barbados under the theme “From Risk to Resilience: a Foundation for Ac-tion” in May 2019. MCII conducted a capacity building training session co-hosted by CCRIF SPC: “Understanding Ex-Ante Disaster Risk Financing – The World of Climate Risk Insurance” which covered climate risks and vulnerabilities, international frameworks and initiatives, climate and disaster risk finance logics, insurance at the macro and meso scale, microinsurance, LPP and the CRAIC project. The session was attended by disaster risk management experts and representatives of government ministries from across the Caribbean region. www.ccrif.org/…
  • In June 2019, the CRAIC project coordinator attended the Caribbean Asso-ciation of Insurance Regulators Conference in Guyana and led a 1-day workshop together with the Access to Insurance Initiative (A2ii) and the World Food Programme (WFP) on the topic “Inclusive Insurance - Bridging the Protection Gap against Climate Risk in the Caribbean.” www.a2ii.org/…
  • MCII was accepted to hold a session at the 15th International Conference on Inclusive Insurance for Emerging Markets in Dhaka from 5-7 November 2019. The session will cover findings/lessons learned from the CRAIC project.
  • The CRAIC team will share their lessons learned at COP25 and show the need of transferring the knowledge from the Caribbean to the Pacific
  • The United Nations Pacific Financial Inclusion Programme requested based on the CRAIC project and its impact a scoping study in the South Pa-cific to explore the potential implementation of disaster risk financing and insurance mechanisms, such as the LPP. The scoping study is funded by the UNDP Regional Disaster Resilience in the Pacific Small Island Development States (RESPAC) Programme (and a result of the CRAIC project). www.climate-insurance.org/…

Project data

Country:
Belize, Grenada, Jamaica, Saint Lucia, Trinidad and Tobago

Implementing organisation:
Munich Climate Insurance Initiative (MCII)

Partner institution(s):
  • Caribbean Catastrophe Risk Insurance Facility (CCRIF) - Grand Cayman
  • Diverse climate change relevant institutions in the respective partner countries/Diverse klimarelevante Institutionen in den entsprechenden Partnerländern
  • Munich Climate Insurance Initiative (MCII)

BMU grant:
2.628.510,00 €

Duration:
11/2016  till  04/2020


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